The Vermont Economy

The Small Business Administration recently held meetings in Waterbury and Wilmington, the Vermont towns that experienced the most serious damage to their business districts when Tropical Storm Irene hit.

Homeowners can qualify grants to help pay the costs of Irene repairs. There is little grant money available to businesses, so many sought disaster assistance loans.

Young women in Vermont are ill-equipped and not prepared for the challenges of economic independence and adulthood---and that’s what they say about themselves.

A new report released this week by Vermont Works for Women draws on interviews with over 200 women between the ages of 15 and 25. Vermont Works for Women Executive Director Tiffany Bluemle says there are a number of things that these young women, most of limited financial means, pointed to as obstacles to success.

The Vermont Senate is expected to pass legislation to reduce unemployment insurance costs for two groups of businesses — those forced to lay people off and close after natural disasters, and newspaper publishers.

The Senate voted 18-10 on Tuesday to support a bill designed to alleviate the financial hit taken by businesses that were forced to close by flooding from Tropical Storm Irene. Many laid off workers as a result, and later saw their unemployment insurance premiums rise sharply.

While Governor Peter Shumlin hails the recent drop in Vermont's unemployment rate, the numbers behind the 4.1% figure are raising concerns. That's because the size of the state's labor force continues to shrink.

Based on the number of stores it operates, Dollar General is the largest discount retailer in the country. According to the company’s 2012 annual report, hundreds of new stores were opened last year. It's also clear that Dollar General has found a home in Vermont.

CSAs have been a popular tool for local farmers to receive much needed funding at the beginning of the growing season. For consumers anxious to support local agriculture, it’s a good way to invest AND share in the harvest.

The only problem is, which CSA is right for you?

Now there’s a CSA matchmaker run by Champlain Valley Localsourcers. Their organizer, Luc Reid, explains how they plan to make the marriage between CSA farm and CSA participant.

Officials from Vermont’s largest banks are speaking out against a Shumlin Administration tax proposal.

The bankers warn that a proposed hike in the bank franchise tax could slow down lending or lead to possible lay-offs.

The tax plan was put on the table by Gov. Peter Shumlin as he tries to strike a compromise with the Legislature to fund state government without raising broad-based taxes. Administration officials last week proposed a hike in the franchise tax paid by the state’s five largest banks.

In about a year, two new foreign companies expect to be operating in Newport at the site of a former skiwear manufacturer. AnC Bio, a Korean bio-tech firm, and Menck Windows, a German company, are the centerpiece of a $600 million economic development initiative promising to bring 10,000 jobs to the Northeast Kingdom. Chief executives from those two companies gave progress reports in Newport Thursday.

The CEOs of the two foreign companies that promise to bring more than 600 new jobs to Newport visited the future site of their operations Thursday in the lakefront building formerly occupied by Bogner ski wear.

Dr. Ike Lee, president of the Korean bio-tech firm AnC Bio, announced a partnership with UVM to help recruit scientifically trained researchers.

The Vermont Telecommunications Authority has been awarded a $1.6 million federal grant to expand cellular phone service and provide wireless internet in areas hit by flooding in 2011.

The disaster relief grant from the U.S. Department of Economic Development will help pay for expansion of cell service along 120 miles of roadway in five Vermont counties including Addison, Essex, Washington, Windham and Windsor counties.